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|USDA Announced New Loans to be Placed through Coops to Support Rural Businesses|
Sutherland Asbill Brennan LLP;
August 3, 2015, previously published on July 31, 2015The USDA’s Rural Business-Cooperative Service announced $18.1 million in loans to support 92 projects related to the start-up or expansion of rural small businesses. These zero-interest loans help utilities fund projects and create and retain employment in rural areas. The South Mississippi...
|Lenders: Be Aware of Potentially Shorter Limitation Periods for Enforcing Demand Loans|
David A. Crerar, Parisa Gerami, Mark V. Lewis, Cherie Mah; Borden Ladner Gervais LLP;
July 31, 2015, previously published on July 20, 2015Are you a lender of a demand loan? The time limit you have to enforce payment of the loan may be shorter than expected pursuant to British Columbia’s current Limitation Act1 which came into effect June 1, 2013 (the “Current Act”).
|Bankruptcy Hijackings: Improper Use of the Automatic Stay in Consumer Bankruptcy Proceedings|
Joshua L. Scheer, Spencer P. Scheer; Scheer Law Group, LLP;
July 30, 2015, previously published by California State Bar Real Property Journal, Vo. 32, No.3 (2014) on Spring 2014.Review of History of the Automatic Stay in Bankruptcy Matters and Abuse and Reform Issues.
|The FASB to Hold First Meeting of Loan Impairment Advisory Panel in Private|
Peter J. Rivas; Jones Walker LLP;
July 23, 2015, previously published on July 16, 2015The Financial Accounting Standards Board ("FASB") plans to convene a Transition Resource Group ("TRG") for its forthcoming standard on recognizing credit losses. Unlike a similar panel formed for the board's revenue recognition standard, this credit losses group will meet in...
|Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ|
Brian Barrett, Steven B. Boehm, Harry S. Pangas, John Allen Zumpetta; Sutherland Asbill & Brennan LLP;
July 22, 2015, previously published on July 21, 2015On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment company (RIC), (ii) a business development company (BDC) that has elected to...
|ISDA Publishes EMIR Classification Letter|
Brian Barrett, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
July 21, 2015, previously published on July 20, 2015On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their regulatory obligations under the European Market Infrastructure Regulation...
|CFC Requests Waiver Under FCC's Financing Rules|
Sutherland Asbill Brennan LLP;
July 20, 2015, previously published on July 17, 2015The National Rural Utilities Cooperative Finance Corporation (CFC) asked the Federal Communications Commission (FCC) to grant it an exception to allow the CFC to issue letters of credit to its members that are selected for projects under the FCC Rural Broadband Experiment program. The letters of...
|The U.S. and Other Nations Reach Historic Nuclear Deal with Iran|
Cheryl I. Aaron, Mark D. Herlach, Beverly J. Rudy; Sutherland Asbill & Brennan LLP;
July 16, 2015, previously published on July 15, 2015On July 14, the P5+1 (China, France, Russia, the United Kingdom, the United States and Germany) reached a historic nuclear agreement with Iran, following almost two years of negotiations. Under the Joint Comprehensive Plan of Action (the JCPOA or the Plan of Action), Iran will scale back its...
|CFPB Releases Spring 2015 Rulemaking Agenda|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
July 15, 2015, previously published on July 7, 2015The CFPB recently released its spring 2015 rulemaking agenda as required by the Regulatory Flexibility Act. It described the following upcoming rulemakings:
|Comptroller of the Currency Releases Semiannual Perspective on Bank Risk|
George A. LeMaistre; Jones Walker LLP;
July 14, 2015, previously published on July 9, 2015On June 30, the Office of the Comptroller of the Currency released its Semiannual Risk Perspective, based on bank financial data as of year-end 2014.